Regulatory Alerts2018-03-31
General Circular on Secret Profits by Pension Fund Administrators
The Financial Services Board has issued a directive requiring all approved pension fund administrators to voluntarily disclose any past or present practices that generated undisclosed secret profits at the expense of pension funds. Administrators must provide comprehensive details regarding the affected funds, the specific amounts improperly retained, and their proposed redress measures to the Registrar. Failure to comply by the 30 April 2006 deadline may result in formal regulatory inspections and further enforcement actions.
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